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In the initial three quarters of 2023, Al Barari in Dubai experienced an impressive 400% surge in property investments and a 35% rise in residential prices, surpassing the growth rates of other sought-after districts, according to the most recent industry data. This affluent enclave, known for its luxurious villas and upscale apartments, also distinguishes itself by drawing more billionaires per square foot than other prestigious areas favoured by affluent investors, mainly from Europe.
On the flip side, esteemed residential areas like Palm Jumeirah, Emirates Hills, and Arabian Ranches in the city have seen notably lower growth rates, particularly in terms of price appreciation, with increases hovering around 27% or less during the January-September period for super-luxury properties.
According to the latest market report from Allsopp & Allsopp, Dubai's leading independent real estate agency, Al Barari witnessed a remarkable 35% increase in price per square foot for 5-bedroom properties, soaring from AED1,186 in January to an astounding AED1,611 in August 2023. The report also highlighted a staggering 400% surge in property investment deals exceeding AED10 million from January through September 2023, exclusively from cash buyers in Al Barari, solidifying its status as Dubai's most coveted location for super luxury and eco-friendly living.
The report indicated that the average transaction in Al Barari is an impressive AED30.15 million, with the most luxurious villa commanding a staggering AED72 million. The majority of these transactions involved villa units, underscoring the preference for space, privacy, and luxury characteristic of UHNW (ultra-high net worth) investors.
According to the Allsopp & Allsopp report, European investors, particularly from the United Kingdom and the Netherlands, dominate the high-calibre buyers in super-luxury real estate assets in Al Barari this year. Despite the influx of Russian capital into the city's real estate, there is a notable European investor presence. The increase in affluent investors also signifies a emerging trend in Dubai's residential property sector. Exclusive residential projects, exemplified by creations like those of Gilles Bindels, are anticipated to enhance the allure of Al Barari for billionaire investors, presenting the promise of exceptional returns.
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